2 0 1 3 A n n u A l R e p o R t

F i s c a l Y e a r 2 0 1 2 - 2 0 1 3

San Francisco International Airport

3 Connecting the World

5 United States of America

9 Asia/Oceania

11 Europe/Middle East

13 Canada

15 Latin America

17 Facts & Figures

Ta ble of Contents

I am extremely proud of the ongoing accomplishments at SFO, the international gateway to San Francisco

and the innovation capital of the world.

Mayor Edwin M. Lee

19 Cargo

21 Awards & Recognition

23 Building for the Future

25 Letter from the Airport Director

27 Letter from the Commission President

29 Financial Summary

37 Airport Commission &Airport Management

Malaspina Glacier, Alaska

For more than 85 years, San Francisco International Airport (SFO) has been connecting people with places. With

40 airlines and 112 direct destinations, SFO continues to be one of the world’s major airports, ranking 7th in North

America and 22nd in the world in 2012. In Fiscal Year (FY) 2012/13 (July through June), total passenger volume

reached 44.7 million, a 3.9% increase from the prior year. Both measures established a new peak for SFO.

United Airlines (UA) and Virgin America (VX) accounted for a majority of the domestic growth with over 600,000

additional domestic enplanements1, or 86% of the total domestic growth in the FY. UA introduced year-round

non-stop service to Raleigh-Durham, NC and Ft. Lauderdale, FL. VX introduced year-round non-stop service to

Washington D.C. Reagan National Airport; Newark, NJ and Austin, TX; and seasonal service to Palm Springs, CA

and Anchorage, AK.

International traffic continued to grow as well, primarily to Asia, Europe and Latin America, with nearly 130,000

more enplanements1, accounting for 89% of international growth. New service included SAS Scandinavian Airlines

(SK) to Copenhagen, DK; China Eastern (MU) to Shanghai, CN and United Airlines (UA) to Paris, FR.

1 Passengers boarding an aircraft at SFO.

The spectacular images are courtesy of the U.S. Geological Survey’s “Earth as Art” Collection. These aerial views

represent some of the countries served by the airlines at SFO.

3

Connecting the Wor ld

Lake Eyre, Australia

AirTran Airways

Alaska Airlines

American Airlines

Delta Air Lines

Frontier Airlines

Hawaiian Airlines

Horizon Air

JetBlue Airways

Southwest Airlines

Sun Country Airlines

United Airlines

United Express

US Airways

Virgin America

ABQ Albuquerque, NM

ACV Eureka, CA

ANC Anchorage, AK

ATL Atlanta, GA

AUS Austin, TX

BFL Bakersfield, CA

BOI Boise, ID

BOS Boston, MA

BUR Burbank, CA

BWI Baltimore, MD

BZN Bozeman, MT

CEC Crescent City, CA

CIC Chico, CA

CLE Cleveland, OH

CLT Charlotte, NC

COS Colorado Springs, CO

CVG Cincinnati, OH

DCA Washington-Reagan, VA

DEN Denver, CO

DFW Dallas/Fort Worth, TX

DTW Detroit, MI

EUG Eugene, OR

EWR Newark, NJ

FAT Fresno, CA

FLL Fort Lauderdale, FL

GEG Spokane, WA

D E S T I N A T I O N S

SFO ha s an average of 500 da i ly non-stop depa r ture s to

de st inat ions in the United States of A mer ica .

C A R R I E R S

5Arizona, United States of America

HNL Honolulu/Oahu, HI

IAD Washington-Dulles, VA

IAH Houston, TX

IDA Idaho Falls, ID

ITO Hilo, HI

JAC Jackson Hole, WY

JFK New York, NY

KOA Kona, HI

LAS Las Vegas, NV

LAX Los Angeles, CA

LGB Long Beach, CA

LIH Lihue/Kauai, HI

LMT Klamath Falls, OR

MCI Kansas City, MO

MCO Orlando, FL

MDW Chicago-Midway, IL

MEM Memphis, TN

MFR Medford, OR

MIA Miami, FL

MKE Milwaukee, WI

MOD Modesto, CA

MRY Monterey, CA

MSO Missoula, MT

MSP Minneapolis/St. Paul, MN

MSY New Orleans, LA

OGG Kahului/Maui, HI

OKC Oklahoma City, OK

ONT Ontario, CA

ORD Chicago-O’Hare, IL

OTH North Bend, OR

PDX Portland, OR

PHL Philadelphia, PA

PHX Phoenix, AZ

PIT Pittsburgh, PA

PSC Pasco/Tri-Cities, WA

PSP Palm Springs, CA

RDD Redding, CA

RDM Redmond, OR

RDU Raleigh-Durham, NC

RNO Reno, NV

SAN San Diego, CA

SAT San Antonio, TX

SBA Santa Barbara, CA

SBP San Luis Obispo, CA

SEA Seattle/Tacoma, WA

SLC Salt Lake City, UT

SMF Sacramento, CA

SNA Orange County, CA

STL St. Louis, MO

TUS Tucson, AZ

D E S T I N A T I O N S ( c o n t i n u e d )

Domest ic pa s senger t ra f f ic to de st inat ions in the

United States of A mer ica increa sed by 4.2%.

7Meandering Mississippi, United States of America

Transpaci f ic or ig in and dest inat ion t ra f f ic to

Asi a /Oce a ni a grew by 6 .9% in 2012 .

Air China

Air New Zealand

All Nippon Airways

Asiana Airlines

Cathay Pacific Airways

China Airlines

China Eastern

Delta Air Lines

EVA Airways

Japan Airlines

Korean Airlines

Philippine Airlines

Singapore Airlines

United Airlines

AKL Auckland, NZ

HND Tokyo-Haneda, JP

HKG Hong Kong, HK

ICN Seoul-Incheon, KR

KIX Osaka-Kansai, JP

MNL Manila, PH

NRT Tokyo-Narita, JP

PEK Beijing, CN

PVG Shanghai, CN

SIN Singapore via Hong Kong, HK or Seoul, KR

SYD Sydney, AU

TPE Taipei, TW

WUH Wuhan, CN via Shanghai, CN

D E S T I N A T I O N S

C A R R I E R S

9Alluvial Fan, China

11

A irl ine s at SFO of fer an average of 5,000 da i ly non-stop seat s to

de st inat ions in Europe and the Middle E ast.

Air Berlin

Air France

British Airways

Emirates

KLM Royal Dutch Airlines

Lufthansa German Airlines

SAS Scandinavian Airlines

Swiss International Air Lines

United Airlines

Virgin Atlantic Airways

XL Airways France

AMS Amsterdam, NL

CDG Paris-De Gaulle, FR

CPH Copenhagen, DK

DUS Düsseldorf, DE

DXB Dubai, AE

FRA Frankfurt, DE

LHR London-Heathrow, UK

MUC Munich, DE

ZRH Zurich, CH

D E S T I N A T I O N S

C A R R I E R S

Lake District, England

13

More than 1.2 mi l l ion pa s sengers f lew to/f rom Ca na da .

Air Canada

United Airlines

WestJet

YEG Edmonton, CA

YUL Montreal, CA

YVR Vancouver, CA

YYC Calgary, CA

YYJ Victoria, CA

YYZ Toronto, CA

D E S T I N A T I O N S

C A R R I E R S

Ice Stars, Canada

15

Pa ssenger t ra f f ic to de st inat ions in

L atin A mer ica grew by 8.2%.

AeroMexico

Alaska Airlines

LAN Peru

Taca International Airlines

United Airlines

Virgin America

CUN Cancun, MX

GDL Guadalajara, MX

GRU Sao Paulo, BR via Lima, PE

LIM Lima, PE

MEX Mexico City, MX

PVR Puerto Vallarta, MX

SAL San Salvador, SV

SJD San Jose del Cabo, MX

D E S T I N A T I O N S

C A R R I E R S

Pinacate Volcano Field, Mexico

17

Facts & Figur es

PassengersTotal Passengers 44,741,921

Total Bay Area Market Share (7th in North America, 22nd in the world in 20121)

71%

Domestic Enplaned and Deplaned Passengers (78%) 35,024,595

Domestic Bay Area Market Share 66%

International Enplaned and Deplaned Passengers (22%) 9,594,782

International Bay Area Market Share 96%

Through (In-transit) 122,544

Top 5 A irl ines by Market Sha reUnited Airlines 46%

Virgin America 9%

Delta Air Lines 8%

Southwest/AirTran Airlines 8%American Airlines 7%

Top 5 Domest ic Dest inat ions2

Greater Los Angeles Area, CA (BUR , LAX, LGB, ONT & SNA)

Greater New York Area, NY (EWR & JFK)

Greater Chicago Area, IL (MDW & ORD)

Las Vegas, NV (LAS)

San Diego, CA (SAN)

Top 5 Internat iona l Dest inat ions3

London/Heathrow, UK (LHR)

Tokyo/Haneda & Narita, JP (HND & NRT)

Hong Kong, HK (HKG)

Seoul/Incheon, KR (ICN)

Vancouver, BC, CA (YVR)

1 Source: Airports Council International2 By average flights per week3 By average seat capacity per week

North America

19

Ca rgo

Total Cargo (metric tons) 329,571

Domestic 117,514

International 212,057

ABX Air

Air Cargo Carriers

Ameriflight

Asiana Airlines

Atlas Air

Cathay Pacific Airways

China Airlines

EVA Airways

Evergreen International Airlines

FedEx

Kalitta Air

Korean Airlines

Nippon Cargo Airlines

Singapore Airlines Cargo

Southern Air

World Airways

C A R R I E R S 2

C A R G O 1

1 Excludes mail2 Includes freighters

Akpatok Island, Canada

21

Awa r ds & R ecognit ion

Best A irpor t in t he A mer ica s Frequent Business Traveler

Gold Magel la n Award Travel Weekly Sustainability Leader in the Overall - Eco-Friendly 'Green' Airport Category

Si lver Magel la n Award Travel Weekly Overall Social Media Program

A irpor t s Going Green Award Chicago Department of Aviation Employee Wellness Program

Concession Program Airports Council International - North America Outstanding Concession Program - First Place Best Food & Beverage Program in the Large Airport Category - First Place Best New Food & Beverage (Self-Service Concept) for Napa Farms Market in Terminal 2 Best Innovative Consumer Experience Concept or Practice - Third Place Best Green Concessions Practice or Concept - Third Place

Concession Program Airport Revenue News Airport with the Best Concessions Management Team Airport with the Best Overall Concession Program - Tied In the Single Terminal Division: Airport with the Most Unique Services (Terminal 2) Airport with the Best Overall Concession Program

Best Sing le Socia l Media Promot ion by a U.S. A irpor t Travel + Leisure #SFOHolidays Postagram Campaign

E xcel lence in Market ing Airports Council International - North America Annual Report - Third Place

Great Sandy Desert, Australia

SFO is redefining what tomorrow's air travel will be with a $4.1 billion, 10-year Capital Improvement Plan which includes:

• Terminal 3 East• Terminal 1 Boarding Area B Redevelopment• On-Airport Hotel• Terminal 3 West and Boarding Area F Redevelopment

Projects currently underway:

• Runway Safety Area (RSA) Program• Air Traffic Control Tower• Terminal 3 Boarding Area E Renovation• Terminal 3 East Connector• West Field Cargo

Projects completed in FY 2012/2013:

• Marine Emergency Rescue Facility (MERF)

23

Building for the Futur e

Lake Amadeus, Australia

I am pleased to report that San Francisco International Airport (SFO) had another successful year. During this period,

nearly 45 million passengers traveled through SFO, eclipsing the prior year’s passenger traffic and establishing a new

record.

As a result of continued traffic growth, we are investing in the airport’s future, with a 10-Year Capital Improvement

Plan (CIP). This $4.1 billion investment will allow us to elevate the quality of all passenger facilities to meet or exceed

the high standard established in Terminal 2. Scheduled to open in January 2014, Terminal 3, Boarding Area E will

provide a vastly improved passenger experience. The dramatic renovation of Terminal 1, Boarding Area B is in its early

planning stage and will feature 24 gates at the conclusion of this multi-phase project. We are even developing a plan to

further improve the services and amenities in the International Terminal, which opened in 2000.

Creating an exceptional airport also requires making travel seamless. Towards that end, the CIP will include the

development of a luxury 400-room four-star on-airport hotel accessible by SFO’s light rail AirTrain system. While a

hotel operator will manage the facility, SFO will assume the construction cost and retain oversight to ensure that

quality and service levels remain consistent with its terminal facilities.

These projects will also demonstrate our commitment to environmental leadership by meeting or exceeding

sustainability guidelines. A new Airfield Operations facility will incorporate a net-zero energy design that will utilize

solar panels to produce 100% of its energy requirements. This facility is expected to achieve the Airport’s first LEED®

Platinum certification.

SFO also completed and received FAA certification for the construction of new Runway Safety Areas on our two major

runways. Work is on-schedule for the project to be completed in 2014, one year ahead of federal requirements. We will

continue our unwavering commitment to safety.

I am grateful to San Francisco Mayor Edwin M. Lee and the members of the Airport Commission for their continued

guidance and support which is integral to SFO achieving its vision as a world-class airport. I am also extremely proud

of our dedicated airport staff for the way in which they responded to the Asiana Flight 214 incident on July 6, 2013.

Hundreds of employees rushed to the airport immediately without being asked. I’ve never seen so many people pull

together so quickly and so unselfishly. They truly exemplified the airport’s core value: “we are one team.”

John L. Martin Airport Director

Letter from the A ir port Dir ector

25Bogda Mountains, China

27

San Francisco International Airport (SFO) continues to serve as an economic engine for the region, fueling local

economies through the jobs it creates and the revenue it generates. In 2012, SFO accounted for $5.4 billion in

business activity and supported 33,580 direct airport jobs. When off-site business activities directly dependent on

airport services are included, SFO contributed $31.2 billion in business sales with 153,000 jobs in the area. The

approval of the Capital Improvement Plan will continue this trend by creating more than 36,000 jobs over the next

ten years.

SFO also continues to be on the forefront with its outreach program to small and disadvantaged businesses, having

first created a Small Business Affairs Office in 1982. For the past three years, SFO has awarded over 30% of contract

dollars to Local Business Enterprises (LBEs) and Disadvantaged Business Enterprises (DBEs) and airport DBEs now

account for over 50% of concession leases, generating over $73 million in revenues annually.

The airport clearly recognizes the value of quality concessions and local business involvement and revenue reflects the

customer demand for such options. Terminal 2, with its locally-sourced concessions, reflects the diversity of the Bay

Area and boasts the highest spend rate per passenger of any terminal in the United States. As a result, SFO was

honored by both Airports Council America-North America and Airport Revenue News with multiple awards for its

concession program.

SFO will continue to provide such opportunities, as evidenced by the innovative “pop-up” concession concept which

will launch in the renovated Terminal 3 Boarding Area E. This program provides move-in ready concession space to

small businesses unable to incur the traditional startup costs of an airport environment. In return, customers at SFO

will gain even greater access to unique shopping and dining offerings to ensure their exceptional airport experience.

On behalf of the Airport Commission, I extend my sincere congratulations to SFO on the accolades it has earned over

the past year. These awards and recognition showcase the high standards of operation set by Airport Director John L.

Martin and serve as a testament to commitment and capability of the employees at SFO.

Larry Mazzola President, Airport Commission

Letter from the Commission Pr esident

Campeche, Mexico

Fina nci a l Summ a ry

High l ight s of A irl ine Operat ions at the A irpor t

Fiscal Year 2013 passenger traffic at SFO concluded with 22.3 million enplanements, an increase of 4.0% compared to

the prior fiscal year that established a new peak for the Airport. Service additions from SFO’s largest carrier, United

Airlines, and second largest and hometown airline, Virgin America, led to most of the increase. Two new international

carriers, Scandinavian Airlines and China Eastern, introduced service in April 2013. Total cargo and U.S. mail

tonnage declined by 3.9% with reduced domestic and Asia shipments.

The 4.0% fiscal year-over-year enplanement increase at SFO compares to an increase of 3.1%1 at Oakland International

Airport and an increase of 2.7%2 at Mineta San Jose International Airport, resulting in a Bay Area passenger market

share increase of 0.3 percentage point for SFO to 70.8%. As compared to Department of Transportation (DOT) data

through June 2013, SFO’s enplanement increase of 4.0% fared better than a national average increase of 0.2%.3

1 Source: Oakland International Airport Traffic Report.2 Source: Mineta San Jose International Airport Traffic Report.3 Source: U.S. Department of Transportation, Bureau of Transportation Statistics.

29Alaska, United States of America

Net Posit ion Summar y (in thousands)

FY 2013 FY2012

FY 2013 Increase

(Decrease)

Assets:

Unrestricted current assets $ 399,085 387,781 11,304

Restricted assets available for current outlay 159,004 114,727 44,277

Restricted assets 424,055 390,371 33,684

Capital assets, net 3,720,791 3,734,426 (13,635)

Unamortized bond issuance costs 25,269 28,753 (3,484)

Total assets 4,728,204 4,656,058 72,146

Deferred outflows on derivative instruments 64,743 98,979 (34,236)

Total assets and deferred outflows 4,792,947 4,755,037 37,910

Liabilities:

Current liabilities payable from unrestricted assets 500,511 424,916 75,595

Current liabilities payable from restricted assets 295,698 91,139 204,559

Noncurrent liabilities 3,620,981 3,831,511 (210,530)

Derivative instruments 81,338 116,859 (35,521)

Total liabilities 4,498,528 4,464,425 34,103

Net position:

Net investment in capital assets (52,581) 4,190 (56,771)

Restricted for debt service 19,757 25,711 (5,954)

Restricted for capital projects 139,981 71,109 68,872

Unrestricted 187,262 189,602 (2,340)

Total net position $ 294,419 290,612 3,807

30

High l ight s of Cha nges in Net Posit ion (in thousands)

FY 2013 FY 2012

FY 2013 Increase

(Decrease)

Operating revenues $ 726,358 668,672 57,686

Operating expenses 561,458 543,063 18,395

Operating income 164,900 125,609 39,291

Other non-operating expenses, net (190,587) (106,512) (84,075)

Income (loss) before capital contributions and transfers (25,687) 19,097 (44,784)

Capital contributions 65,958 14,538 51,420

Transfers to City and County of San Francisco (36,464) (33,993) (2,471)

Changes in net position 3,807 (358) 4,165

Total net position at beginning of year 290,612 290,970 (358)

Total net position at end of year $ 294,419 290,612 3,807

31

Operat ing Revenues (in millions)

Aviation $ 413.9 57%Concession 129.5 18%Parking & Transportation 113.6 16%Net Sales & Services 69.3 9%

Total $ 726.3 100%

Operat ing E xpenses (in millions)

Personnel $ 239.2 43%Depreciation 176.5 31%Contractual Services 62.9 11%Repairs & Maintenance 27.6 5%Light, Heat & Power 19.3 3%Services Provided by Other City Departments 14.6 3%Materials & Supplies 14.0 3%Amortization of Bond Issuance Costs 4.4 <1%General & Administrative 2.8 <1%Environmental Remediation 0.1 <1%

Total $ 561.4 100%

Independent Auditor’s Repor t

The Honorable Mayor and Board of Supervisors

City and County of San Francisco:

Report on Financial Statements

We have audited the accompanying financial statements of the Airport Commission, City and County of San

Francisco, San Francisco International Airport (the Airport), an enterprise fund of the City and County of San

Francisco, California (the City), which comprise the statements of net position as of June 30, 2013 and 2012, and the

related statements of changes in net position and statements of cash flows for the years then ended, and the related

notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with

U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal

control relevant to the preparation and fair presentation of financial statements that are free from material

misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits

in accordance with auditing standards generally accepted in the United States of America; the standards applicable to

financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial

statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material

misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor

considers internal control relevant to the Airport’s preparation and fair presentation of the financial statements in

order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the Airport’s internal control. Accordingly, we express no such opinion. An audit also

includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting

estimates made by management, as well as evaluating the overall presentation of the financial statements.

32 33

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit

opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position

of the Airport Commission, City and County of San Francisco, San Francisco International Airport as of June 30,

2013 and 2012, and changes in its net position and its cash flows for the years then ended in accordance with U.S.

generally accepted accounting principles.

Emphasis of Matter

As discussed in note 1, the financial statements of the Airport are intended to present the net position and the changes

in net position and cash flows of only that portion of the City that is attributable to the transactions of the Airport.

They do not purport to, and do not, present fairly the net position of the City as of June 30, 2013 and 2012, the

changes in its net position, or, where applicable, the cash flows for the years then ended in conformity with U.S.

generally accepted accounting principles.

Other Matters

Required Supplementary Information

U.S. generally accepted accounting principles require that the information in the Management’s Discussion and

Analysis on pages 4 through 31 be presented to supplement the basic financial statements. Such information, although

not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, which

considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate

operational, economic, or historical context. We have applied certain limited procedures to the required

supplementary information in accordance with auditing standards generally accepted in the United States of

America, which consisted of inquiries of management about the methods of preparing the information and comparing

the information for consistency with management’s responses to our inquiries, the basic financial statements, and other

knowledge we obtained during our audits of the basic financial statements. We do not express an opinion or provide

any assurance on the information because the limited procedures do not provide us with sufficient evidence to express

an opinion or provide any assurance.

Supplementary and Other Information

Our audits were conducted for the purpose of forming an opinion on the basic financial statements of the Airport

Commission, City and County of San Francisco, San Francisco International Airport. The accompanying Schedule of

Passenger Facility Charge Revenues and Expenditures is presented for purposes of additional analysis as specified in

the Passenger Facility Charge Audit Guide for Public Agencies, issued by the Federal Aviation Administration, and is not

a required part of the basic financial statements. Such information is the responsibility of management and was derived

from and relates directly to the underlying accounting and other records used to prepare the basic financial statements.

The Schedule of Passenger Facility Charge Revenues and Expenditures has been subjected to the auditing procedures

applied in the audit of the basic financial statements and certain additional procedures, including comparing and

reconciling such information directly to the underlying accounting and other records used to prepare the basic

financial statements or to the basic financial statements themselves, and other additional procedures in accordance

with auditing standards generally accepted in the United States of America. In our opinion, the Schedule of

Passenger Facility Charge Revenues and Expenditures is fairly stated in all material respects in relation to the basic

financial statements as a whole.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated October 25, 2013, on our

consideration of the Airport’s internal control over financial reporting and our report dated October 25, 2013 on our

tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.

The purpose of that report is to describe the scope of our testing of internal control over financial reporting and

compliance and the results of that testing, and not to provide an opinion on the internal control over financial

reporting or on compliance. That report is an integral part of an audit performed in accordance with Government

Auditing Standards in considering the Airport’s internal control over financial reporting and compliance.

San Francisco, California

October 25, 2013

To view the entire fiscal year 2012-2013 audited financial statements visit: www.flysfo.com/fy1213afs

2

The Management’s Discussion and Analysis on pages 3 through 31 is not a required part of the basic financial statements but is supplementary information required by U.S. generally accepted accounting principles. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements of the Airport Commission, City and County of San Francisco, San Francisco International Airport. The accompanying Schedule of Passenger Facility Charge Revenues and Expenditures is presented for purposes of additional analysis as specified in the Passenger Facility Charge Audit Guide for Public Agencies, issued by the Federal Aviation Administration, and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

As discussed in note 2(b) to the financial statements, the Airport adopted the recognition and disclosure requirements of Governmental Accounting Standards Board Statement No. 53, Accounting and Financial Reporting for Derivative Instruments, as of July 1, 2009. The financial statements for the year ended June 30, 2009 were restated to reflect the impact of adoption.

October 28, 2011

34 35

John L. Martin, Airport Director

Shauna Marie Rose, Executive Assistant to the Airport Director

Tryg McCoy, Chief Operating Officer

Julian Potter, Chief of Staff

Theresa Lee, Deputy Airport Director, Administration

Leo Fermin, Deputy Airport Director, Business & Finance

Kandace Bender, Deputy Airport Director, Communications & Marketing

Jeff Littlefield, Deputy Airport Director, Operations & Security

Ivar Satero, Deputy Airport Director, Design, Construction & Technology

Blake Summers, Director & Chief Curator, SFO Museum

Peter Acton, Director, Facilities Maintenance

John Bergener, Manager, Airport Planning

Jean Caramatti, Commission Secretary

Sheryl Bregman, Airport General Counsel

Larry Mazzola, President

Linda S. Crayton, Vice President

Eleanor Johns

Richard J. Guggenhime

Peter A. Stern

A ir port Commission

A ir port M a nagement

37Yukon Delta, Alaska

San Francisco International AirportP.O. Box 8097

San Francisco, CA 94128-8097(650) 821-5000